Core Insights - Amway's production capacity utilization in Vietnam is steadily improving, indicating a positive operational trend [2] - The company is experiencing an increase in the number of automotive brands and designated projects it serves, with some projects expected to begin mass production in 2026 [2] - Amway is closely monitoring trends and market demands in emerging fields, with initial stages of material development and exploration currently underway [2] Company Developments - The company has engaged in research and preliminary discussions with enterprises and industry chain partners in emerging fields [2] - As of now, no substantial business orders have been formed, and investors are advised to be cautious regarding investment risks [2]

Core Viewpoint - Amway Co., Ltd. maintains a close partnership with Zhejiang Dadi Shoe Industry, receiving multiple awards for its strategic collaboration and quality supply [2] Group 1 - The company has been awarded the "Strategic Partner Award," "Strategic Supplier Award," "Quality Outstanding Supplier Award," and "Most Valuable Supplier" by Dadi [2] - Current business operations are progressing in an orderly manner, indicating a positive collaboration status [2] - Future plans include leveraging each other's strengths to enhance communication and expand cooperation opportunities [2]

格隆汇11月20日丨安利股份(300218.SZ)在互动平台表示，公司将合理匹配市场开拓、产品开发与产能 优化资源。目前公司尚无分拆子业务上市、引入战略投资者或并购重组的相关计划，未来根据发展需要 适时研讨。公司聚焦主业，努力做大优势品类、做强新兴品类、壮大培育品类，努力在现有体量规模基 础上再上新台阶。 ...

格隆汇11月20日丨安利股份(300218.SZ)在互动平台表示，谷歌是公司电子产品品类的客户之一，双方 合作主要围绕电子产品相关的聚氨酯复合材料应用展开。目前，与谷歌合作产生的营收在公司整体营收 中占比较低，尚未成为公司核心营收来源。后续公司将根据市场需求与客户合作意愿，积极拓展与谷歌 的合作。 ...

Core Viewpoint - Amway Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit for the first nine months of 2025 compared to the previous year [2][3]. Financial Performance - As of November 10, 2025, Amway Co., Ltd. reported a revenue of 1.679 billion yuan, a year-on-year decrease of 6.84%, and a net profit attributable to shareholders of 121 million yuan, down 19.22% year-on-year [2]. - The company's stock price increased by 13.11% year-to-date but has seen a decline of 5.15% over the last five trading days, 1.38% over the last 20 days, and 21.56% over the last 60 days [1]. Shareholder Information - As of November 10, 2025, the number of shareholders increased to 18,400, representing an 8.63% rise, while the average circulating shares per person decreased by 7.95% to 11,729 shares [2]. - The company has distributed a total of 341 million yuan in dividends since its A-share listing, with 131 million yuan distributed in the last three years [3]. Major Shareholders - As of September 30, 2025, the top ten circulating shareholders included several new entrants, such as Yongying Advanced Manufacturing Mixed Fund and Jiang Hai Securities Co., Ltd., while some previous shareholders exited the list [3].

Core Viewpoint - Amway's collaboration with Google focuses on the application of polyurethane composite materials in electronic products, although the revenue generated from this partnership currently represents a small portion of the company's overall revenue [1] Group 1 - Google is one of Amway's clients in the electronic products category [1] - The collaboration primarily revolves around the application of polyurethane composite materials [1] - Revenue from the partnership with Google is currently low and has not become a core revenue source for the company [1] Group 2 - Amway plans to actively expand its collaboration with Google based on market demand and the willingness of clients to cooperate [1]

Core Viewpoint - Google is a customer of the company, specifically in the electronic products category, focusing on polyurethane composite materials applications. However, the revenue generated from this collaboration is currently low and not a core revenue source for the company. Future collaboration will depend on market demand and the willingness of customers to cooperate [2]. Group 1 - Google is one of the company's clients in the electronic products category [2]. - The collaboration with Google primarily involves polyurethane composite materials applications [2]. - Revenue from the partnership with Google constitutes a small portion of the company's overall revenue [2]. Group 2 - The company plans to actively expand its collaboration with Google based on market demand and customer cooperation willingness [2].

Core Viewpoint - The company emphasizes its commitment to innovation and self-reliance in technology and key raw materials, asserting that it does not depend on Japanese enterprises for core technologies or materials [1]. Group 1: Technology and Innovation - The company has no reliance on Japanese companies for core technologies, as all patents are independently developed [1]. - The company annually advances its patent applications, showcasing a strong focus on self-driven innovation [1]. Group 2: Raw Materials and Production - The polyurethane resin used by the company is primarily produced by its subsidiary, Hefei Anli Polyurethane New Materials Co., Ltd., with approximately 90% of the resin being self-produced [1]. - The company claims to have significant advantages in integrated research and production, with strong collaborative innovation capabilities [1]. Group 3: Sustainability and Development - The company asserts that it has full control over core technologies and key raw materials, which effectively ensures its sustainable development [1].

Group 1 - The company has stable collaborations with Zhiwashi and Gujia, focusing on customized development of home materials based on customer needs [2] - The company's sports equipment category includes products such as footballs, basketballs, and sports bags, with partnerships established with brands like Nike and Decathlon [2] - Product performance indicators are designed according to customer requirements [2]

Core Viewpoint - The company, Amway Co., has expanded its automotive interior materials to cover applications in mid-to-high-end models of certain new energy vehicle manufacturers, indicating a strategic focus on meeting diverse customer needs [1] Group 1: Product Development - The company designs materials with specific performance indicators such as weather resistance, hydrolysis resistance, and lightweight properties to cater to different vehicle requirements [1] - There has been an increase in the number of automotive brands and designated projects that the company serves, reflecting growth in its market presence [1]